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Deutsche Bank co-chief executives resign in aftermath of record fine

Deutsche Bank on Sunday announced the surprise resignations of its co-chief executives Anshu Jain and Jürgen Fitschen, just around a month after the German lender was hit with a record $2.5bn fine for manipulating benchmark interest rates.

Jain will continue to serve as a consultant until January next year after he steps down at the end of June, while Fitschen will stay on until the firm’s annual general meeting in 2016, the bank said.

Veteran UK banker John Cryan, who joined the German bank’s supervisory board in 2013, will replace Jain as the co-CEO starting July 1 and will become the sole chief of Deutsche Bank once Fitschen departs next year.

Cryan, who played a role in UBS’ restructuring, said on Sunday that Deutsche Bank’s future “will be defined by how well we deliver on strategy, impress clients and reduce complexity”.

Cryan, who was previously the head of Europe at Temasek, is reputed to being “ruthlessly efficient” and has an affinity for maintaining capital buffers well above the minimum required levels, according to analysts.

The 54-year old, who speaks good German, was formerly the chief financial officer of UBS and currently sits on the board of Man Group as well as two Temasek-backed entities.